Orlando—Cushman & Wakefield has successfully closed the $42.8 million sale of the first phase of Crest at Millenia, a new 252-unit, Class A+ luxury community in Orlando.
Executive Director Jay Ballard and Senior Director Ken Delvillar of Cushman & Wakefield’s Capital Markets Multifamily Advisory Group represented the Miami-based seller, Lennar Multifamily Communities (LMC). The buyer was Atlanta-based Centennial Holding Co., who bought the property for $170,000 per unit.
Phase I of Crest at Millennia comprised eight three-story buildings and was developed this year on a more than 12-acre site. The 241,206-square-foot community has an average unit size of 957 square feet, with residences featuring hardwood-style flooring, granite countertops, stainless steel appliances and in-unit washer/dryers.
Community amenities include gated access, resort-style salt water pool with private cabanas, grilling courtyard, dog park, game room with billiards, bocce court, 24-hour fitness center, extra storage and 358 parking spaces.
Located at 5100 Millenia Waters Drive, the community is located in Orlando’s Millenia submarket and next to The Mall of Millenia, which offers 1.1 million square feet of luxury retail. Residents also have easy access to Interstate 4 and Florida’s Turnpike, which will take them to attractions like Universal Studios, Walt Disney World, Sea World and major employers like Lockheed Martin.
“The first phase of Crest at Millenia generated tremendous interest from the investment community,” said Ballard. “Investors continue to pursue premium assets offering a live-work-play lifestyle in markets with immediate access to recognized employers as well as high-end retail, dining and entertainment.”
LMC purchased the land for Crest at Millenia Phase I in 2014 and an adjacent 13.5-acre site for Crest at Millenia Phase II in July 2015, with the help of Delvillar and Ballard. Phase II is planned to include a three-story, 272-unit community. Phase II was expected to start construction in the third quarter of 2015 and take 17 months to complete, the Orlando Sentinel reported last year.
The transaction marks the strong investor interest in high-end multifamily communities in the Orlando market. Cushman & Wakefield arranged the $60 million sale of another newly built luxury community, Integra Cove, in Orlando last June.
Image courtesy of Cushman & Wakefield